Horizon Quantum Announces First Quarter 2026 Financial Results

Released on: Wednesday, 06 May 2026 5:08PM

SINGAPORE, May 6 (Bernama-BUSINESS WIRE) -- Horizon Quantum Holdings Ltd. (NASDAQ: HQ) (“Horizon Quantum,” “we,” “us,” or “our”), a pioneer of software infrastructure for quantum applications, today reported financial results for the fiscal quarter ended March 31, 2026.

First Quarter and Recent Business Highlights (all figures presented in USD):CEO Commentary

“Rapid advancement in quantum computing hardware coupled with recent breakthroughs in error correction may suggest the field is reaching an inflection point, with quantum advantage drawing nearer. We believe that the successful completion of our business combination with dMY Squared Technology Group, Inc., will allow us to significantly accelerate progress in building the software infrastructure to power quantum applications. We anticipate that the business combination has provided us with the financial runway required to support our strategic priorities for the foreseeable future, while enabling increased investments in R&D, allowing us to advance our integrated development environment, Triple Alpha, and push towards quantum advantage with the extension of our testbed. Together, we believe these initiatives will significantly strengthen our ability to unlock the full potential of quantum computing, positioning us to develop and grow revenue as the industry drives towards quantum advantage,” said Horizon Quantum CEO and Founder Dr. Joe Fitzsimons.

He continued, “During the first quarter in 2026, we became a public company and made meaningful progress on several fronts. We enhanced the stability and feature set of our object-oriented programming language Beryllium. We announced collaborations with leading hardware providers Alice & Bob and AQT, and we inaugurated the first quantum system in our hardware testbed. We also announced the purchase of our second quantum system, one that may very well be capable of solving some challenging computational problems. Taking the step of hosting both solid-state and atom-based systems provides us with a multi-modality testbed that few commercial organizations can match. It allows us to build quantum software infrastructure that is genuinely hardware-agnostic, not because it ignores the hardware, but because it is developed in direct contact with very different quantum computing technologies.”

Successful Completion of Business CombinationOperational Highlights

Integrated Development Environment (IDE) – Triple Alpha

Triple Alpha—Horizon Quantum’s integrated development environment—enables developers to build complex, hardware-agnostic quantum programs. Built with proprietary Turing-complete languages and an optimizing compiler, it empowers programmers to work at multiple levels of abstraction.

Triple Alpha gives developers access to advanced capabilities supported by Horizon Quantum’s underlying execution and deployment infrastructure. Users can code, compile, and optimize programs across a range of processors and simulators, with built-in resource analysis and single-step API deployment.Hardware Partners

By tightly integrating its software infrastructure with a variety of hardware platforms, Horizon Quantum aims to provide developers with the most direct path to broad quantum advantage and help ensure that their quantum applications remain useful—no matter which modality emerges as a frontrunner.Testbed

Horizon Quantum is currently the only quantum software company to operate its own quantum computer. This gives Horizon Quantum full control over both quantum hardware and software stacks, providing a testbed for the integration of its software directly with hardware systems, and allowing Horizon Quantum to develop real-time execution capabilities that go beyond what is possible over cloud connections. This represents a possible critical advantage in pursuing quantum advantage, where tight integration between hardware and software is expected to be critical to early success. With the acquisition of a second testbed system, Horizon Quantum intends to extend its hardware capabilities beyond solid state qubits to also encompass atom-based systems. The anticipated performance of the new system is expected to be an important resource for both in-house scientists and external Triple Alpha users pursuing quantum advantage.First Quarter Financial Results

All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte. Ltd. Results as of March 31, 2026, reflect those of Horizon Quantum Holdings Ltd.Conference Call Information

As previously announced, the company will hold a conference call to discuss its first quarter on May 5 at 8:00 a.m. ET. The conference call will be broadcast live over the internet and can be accessed at https://investors.horizonquantum.com/news-events/events. For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.

Non-GAAP Financial Measures

To supplement Horizon Quantum’s condensed financial statements presented in accordance with GAAP, the Company uses non-GAAP measures of certain components of financial performance. EBITDA and Adjusted EBITDA are financial measures that are not required by or presented in accordance with GAAP. Management believes that these measures provide investors an additional meaningful method to evaluate certain aspects of the company’s results period over period. EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, and income tax expense and Adjusted EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, income tax expense, share-based compensation, change in fair value of derivative liabilities and non-recurring business combination expenses. The Company uses EBITDA and Adjusted EBITDA to measure the operating performance of its business, by excluding specifically identified items that management does not believe directly reflect the Company’s core operations and may not be indicative of its recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and the Company’s non-GAAP measures may be different from non-GAAP measures used by other companies. For Horizon Quantum’s investors to be better able to compare its current results with those of previous periods, the Company has shown a reconciliation of GAAP to non-GAAP financial measures at the end of this release.

About Horizon Quantum

Horizon Quantum [NASDAQ: HQ] is on a mission to unlock broad quantum advantage by building the software infrastructure that empowers developers to use quantum computing to solve the world’s toughest computational problems.

Founded in 2018 by Dr. Joe Fitzsimons, a leading researcher and former professor with more than two decades of experience in quantum computing, the company is bridging the gap between today’s hardware and tomorrow’s applications through the creation of advanced quantum software development tools. Its integrated development environment, Triple Alpha, enables developers to write sophisticated, hardware-agnostic quantum programs at different levels of abstraction. Learn more at www.horizonquantum.com.

Note to Investors Regarding Forward-Looking Statements

This press release includes forward-looking statements. The expectations, estimates, and projections of the businesses of Horizon Quantum may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “anticipate,” “intend,” “may,” “will,” “could,” “should,” “potential,” “plan,” “enable,” and similar expressions are intended to identify such forward-looking statements. Actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Horizon Quantum therefore cautions against placing undue reliance on any of these forward-looking statements. Many of these factors are outside of the control of Horizon Quantum and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity; (2) references with respect to the anticipated benefits and costs, if any, of the strategic collaborations with AQT, IonQ, and Alice & Bob, including our ability to integrate their technologies within our quantum computing testbed and Triple Alpha platform; (3) the outcome of any efforts to integrate Horizon Quantum and AQT and IonQ’s trapped-ion processor technology with Horizon Quantum’s software infrastructure; (4) the entry into the Quantum Systems Agreement, dated March 31, 2026 among Horizon Quantum and IonQ, Inc. (the “IonQ Agreement”), and Horizon Quantum’s ability to recognize the benefits of the IonQ Agreement; (5) Horizon Quantum’s ability to scale and grow its business, and the advantages and expected growth of Horizon Quantum; (6) the cash position of Horizon Quantum and its estimates of expenses and profitability; (7) the ability to recognize the anticipated benefits of the recently completed business combination with dMY Squared Technology Group, Inc., which may be affected by, among other things, competition, the ability of Horizon Quantum to grow and manage growth profitably and source and retain its key employees; (8) changes in applicable laws and regulations or political and economic developments; (9) the possibility that Horizon Quantum may be adversely affected by other economic, business and/or competitive factors; (10) difficulties operating Horizon Quantum’s quantum processors and the possibility that the quantum processors do not provide the advantages that Horizon Quantum expects; (11) the ability of Horizon Quantum’s coding languages to provide additional abstraction when compared to other quantum computing solutions; (12) the ability to maintain the listing of Horizon Quantum’s Class A ordinary shares and warrants on Nasdaq; and (13) other risks and uncertainties included in the “Risk Factors” section of the Annual Report on Form 20-F filed by Horizon Quantum on April 14, 2026 with the U.S. Securities and Exchange Commission ("SEC"), as well as other documents filed or to be filed with the SEC by Horizon Quantum. The foregoing list of factors is not exclusive. New risks emerge from time to time, and it is not possible for management to predict all risks, nor can management assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except as required by law, Horizon Quantum undertakes no obligation to update any forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Horizon Quantum does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law.
 
Condensed consolidated balance sheet (Unaudited)
 
  March 31, December 31,
(In US$, unless otherwise stated) 2026 2025
ASSETS      
Current assets      
Cash and cash equivalents $96,602,279  $222,939 
Receivables, net  -   - 
Prepaid and other current assets  2,233,287   746,372 
Total current assets  98,835,566   969,311 
       
Property and equipment, net  3,053,827   3,204,829 
Construction in process  25,704   - 
Intangible assets, net  21,488   22,566 
Right-of-use assets  364,678   459,982 
Other non-current assets  439   175,115 
TOTAL ASSETS $102,301,702  $4,831,803 
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities      
Derivative liabilities - SAFE $-  $6,406,878 
Other payables  2,768,301   2,602,604 
Operating lease liabilities  387,136   396,025 
Total current liabilities  3,155,437   9,405,507 
       
Derivative liabilities - warrants  15,273,680   - 
Operating lease liabilities, non-current  -   88,921 
TOTAL LIABILITIES $18,429,117  $9,494,428 
       
STOCKHOLDERS’ EQUITY      
Seed Preferred Shares, 2,500,000 authorized; 2,500,000 issued and outstanding as of December 31, 2025 $-  $839,602 
Seed Plus Preferred Shares, 2,936,828 authorized; 2,936,828 issued and outstanding as of December 31, 2025  -   2,349,212 
Series A Preferred Shares, 2,586,522 authorized; 2,586,522 issued and outstanding as of December 31, 2025  -   18,100,000 
Ordinary Shares, 8,000,000 authorized; 8,000,000 issued and outstanding as of December 31, 2025  -   3,649 
Ordinary Class A Shares, 31,833,549 authorized, 31,833,549 issued and outstanding as of March 31, 2026  112,804,366   - 
Ordinary Class B Shares, 19,744,585 authorized, 19,744,585 issued and outstanding as of March 31, 2026  40,110   - 
Additional paid-in capital  8,005,287   7,417,778 
Accumulated deficit  (37,212,156)  (33,573,537)
Accumulated other comprehensive (loss) income  234,978   200,671 
TOTAL STOCKHOLDERS’ EQUITY $83,872,585  $(4,662,625)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $102,301,702  $4,831,803 
         
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Pte. Ltd. Results as of March 31, 2026, reflect Horizon Quantum Holdings Ltd.
 
Condensed consolidated statement of operations and comprehensive loss (Unaudited)
 
 Three Months Ended
March 31,
(In US$, except share amount and per share data)2026 2025
Revenue$- $- 
      
Operating Expenses:     
Research and development 2,128,413   3,320,991 
Selling and marketing 458,963   327,949 
General and administrative 3,601,731   901,151 
Depreciation and amortization 310,267   169,049 
Total operating expenses 6,499,374   4,719,140 
Loss from operations (6,499,374)  (4,719,140)
      
Other income and (expense):     
Interest expense (2,992)  (2,510)
Other income 43,388   32,787 
Change in fair value of derivative liabilities 2,976,531   - 
Foreign exchange (loss) gain (76,931)  (134,018)
Income tax expense -   - 
Net loss$(3,559,379) $(4,822,881)
Other comprehensive loss:     
Foreign currency translation adjustment 34,307   145,305 
Comprehensive loss$(3,525,072) $(4,677,576)
      
Basic and diluted weighted average ordinary shares outstanding, as recasted 40,830,488   39,015,950 
Net (loss) income per ordinary share, basic and diluted, as recasted$(0.09) $(0.12)
        
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Pte. Ltd. Results as of March 31, 2026, reflect Horizon Quantum Holdings Ltd.
        
Condensed consolidated statement of cashflow (Unaudited)
      
 Three Months Ended
March 31,
(In US$, unless otherwise stated)2026 2025
Cash flows from operating activities     
Loss for the period$(3,559,379) $(4,822,881)
Adjustments to reconcile net loss to net cash used for operating activities:     
Depreciation 309,189   168,420 
Share based compensation 885,275   2,930,597 
Change in fair value of derivative liabilities (2,976,531)  - 
Unrealized foreign currency transaction (gain) loss 27,963   257,005 
Amortization 1,078   629 
Changes in operating assets and liabilities:     
Accounts receivable -   270,824 
Other payables 1,434,960   (269,951)
Lease liability (97,462)  (64,560)
Prepaid expenses and other assets (202,029)  (95,176)
Net cash used in operating activities (4,176,936)  (1,625,093)
      
Cash flows from investing activities     
Purchase of property and equipment (63,231)  (103,931)
Construction in process (25,704)  (78,440)
Purchase of intangible assets and trademarks -   - 
Net cash used in investing activities (88,935)  (182,371)
      
Cash flows from financing activities     
Proceeds from issuance of SAFE notes 2,500,000   - 
Proceeds from merger and PIPE transaction, net of transaction costs 98,167,633   - 
Net cash provided by financing activities 100,667,633   - 
Effect of exchange rate changes on cash (22,422)  (71,827)
Net (decrease) increase in cash and cash equivalents 96,379,340   (1,879,291)
Cash and cash equivalents at beginning of period 222,939   4,848,855 
Cash and cash equivalents at end of period$96,602,279  $2,969,564 
Supplemental disclosures of non-cash transactions:     
Initial recognition of warrant liabilities at close of the business combination$20,526,410  $- 
Initial recognition of net assets at close of the business combination 2,458,713   - 
Conversion of SAFE liabilities into equity at close of the business combination 11,183,077   - 
Issuance of shares to a service provider 269,000   - 
        
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Pte. Ltd. Results as of March 31, 2026, reflect Horizon Quantum Holdings Ltd.
        
Historical summary of quarterly results (Unaudited)
Below is a summary of key financial metrics for the most recent fiscal quarters:
                   
 Three Months Ended
(In US$, unless otherwise stated)March 31,
2024		June 30,
2024		September 30,
2024		December 31,
2024		March 31,
2025		June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026
Revenue$- $- $29,951 $239,604 $- $38,462 $- $- $- 
                   
Operating Expenses:                  
Research and development 510,855  605,301  853,734  601,962  3,320,991  1,206,612  2,010,289  1,585,492  2,128,413 
Selling and marketing 128,755  142,237  210,619  250,206  327,949  248,716  372,748  402,859  458,963 
General and administrative 502,501  469,405  575,177  657,244  901,151  1,146,373  2,302,133  2,290,766  3,601,731 
Depreciation and amortization 128,933  81,321  128,716  301,409  169,049  180,787  182,767  274,571  310,267 
Total operating expenses 1,271,044  1,298,263  1,768,246  1,810,821  4,719,141  2,782,488  4,867,937  4,553,688  6,499,374 
Loss from operations (1,271,044) (1,298,263) (1,738,296) (1,571,216) (4,719,141) (2,744,027) (4,867,937) (4,553,688) (6,499,374)
                   
Other income and (expense):                  
Interest expense (29,288) (1,948) (5,147) (716) (2,510) (2,320) (2,021) (2,288) (2,992)
Other income 22,140  11,199  10,321  49,250  32,787  16,943  7,686  24,506  43,388 
Change in fair value of derivative liabilities -  -  -  -  -  -  (317,352) (193,517) 2,976,531 
Foreign exchange (loss) gain 240,026  48,606  (394,678) 325,928  (134,018) (172,909) (12,896) (18,911) (76,931)
Income tax expense -  -  -  -  -  -  -  -  - 
Net loss$(1,038,166)$(1,240,406)$(2,127,800)$(1,196,755)$(4,822,881)$(2,902,313)$(5,192,520)$(4,743,897)$(3,559,379)
Basic and diluted weighted average ordinary shares outstanding as recasted 39,015,950  39,015,950  39,015,950  39,015,950  39,015,950  39,015,950  39,015,950  39,015,950  40,830,488 
Net (loss) per ordinary share, basic and diluted as recasted$(0.03)$(0.03)$(0.05)$(0.03)$(0.12)$(0.07)$(0.13)$(0.12)$(0.09)
                            
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte. Ltd. Results as of March 31, 2026, reflect Horizon Quantum Holdings Ltd.
                            
Reconciliation of Non-GAAP Financial Measures
Below is a reconciliation of net loss (GAAP) to adjusted EBITDA:
 
 Three Months Ended
(In US$, unless otherwise stated)March 31,
2024		June 30,
2024		September 30,
2024		December 31,
2024		March 31,
2025		June 30,
2025		September 30,
2025		December 31,
2025		March 31,
2026
Net loss (GAAP)$(1,038,166)$(1,240,406)$(2,127,800)$(1,196,755)$(4,822,881)$(2,902,313)$(5,192,520)$(4,743,897)$(3,559,379)
Adjustments                  
Net interest (income) expense 29,288  1,948  (3,504) (48,344) (30,110) (12,805) (5,429) 2,288  (35,524)
Depreciation and amortization expenses 128,933  81,321  128,716  301,409  169,049  180,787  182,767  274,571  310,267 
EBITDA (879,945) (1,157,138) (2,002,588) (943,690) (4,683,942) (2,734,330) (5,015,182) (4,467,039) (3,284,636)
Adjustments                  
Share based compensation within                  
Research and development 41,801  27,078  19,060  8,366  2,517,323  261,285  338,080  241,984  240,174 
Selling and marketing 11,536  11,542  -  -  105,149  65,299  52,657  49,956  46,066 
General and administrative -  -  -  -  307,382  130,294  546,282  312,770  330,035 
Change in fair value of derivative liabilities -  -  -  -  -  -  317,352  193,517  (2,976,531)
Business combination expenses* -  -  -  -  -  214,101  753,901  643,106  1,541,950 
Adjusted EBITDA$(826,607)$(1,118,517)$(1,983,528)$(935,324)$(1,754,088)$(2,063,351)$(3,006,910)$(3,025,706)$(4,102,942)
                            
*Includes $0.27 million in share-based compensation for a vendor in the three months ended March 31, 2026.
 
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte. Ltd. Results as of March 31, 2026, reflect Horizon Quantum Holdings Ltd.
                            
 
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Contact

Investor Contact
Horizon Quantum investor contact
Katherine Bailon
investors@horizonquantum.com

Media Contact
Horizon Quantum media contact
Yanina Blaclard
media@horizonquantum.com

Source : Horizon Quantum Holdings Ltd.

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